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Prime Minister orders to tame 2011 inflation at 12-13%, GDP at above 6%

Nguyen Tan Dung, the Prime Minister of Vietnam ordered the related ministries to curb inflation at between 12-13%, much higher than the target of 7% and achieve economic growth at above 6% this year, the newspaper Vietnamplus quoted as Dung say at the April regular government meeting on April 28-29.

Dung said that the country is facing with a high challenge as the price level has stayed at the high level. Vietnam consumer price index (CPI) saw a sharply increase of 3.32% on-month in April and 17.51% on-year, raising year-to-date CPI to 9.56%.

The Prime Minister also required the Ministry of Industry and Trade to review current projects and prior to projects completed this year.

The government also required to keep the trade gap at 16% of export revenue this year.

In Jan-April, the country’s trade deficit is estimated to reach $4,89 billion or 18.15% of the export revenue, the General Statistics Office of Vietnam said.

In related news, Vietnam planned to cut roughly VND97 trillion social investments and development capital or 10% total estimated investment capital in 2011, the local newspaper Vietnam Investment Review reported on April 28, citing the Ministry of Planning and Investment (MoIT).

The State Bank of Vietnam (SBV) on Friday raised refinance rate and discount rate by 100 bps for the second time in 4 weeks in an effort to battles some of the highest inflation in the region, announced the central bank in a statement.

Earlier, WB said on the East Asia and Pacific Economic Update report on March 21 that Vietnam is taking important step in the right direction after the recent policy on stabilizing the country’s macro economics.

WB forecast that Vietnam real GDP will slow down to 6.3% this year from 6.8% in 2010 due to tighten policy while inflation will stand at a single digit of 9.5%.

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